Investments in RMBS (Tables)

12 Months Ended

Dec. 31, 2025

The following is a summary of the Company’s investments in RMBS as of the dates indicated (dollars in thousands):

Summary of RMBS Assets

As of December 31, 2025

					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Fannie Mae	$	150,782	$	110,321	$	3,094	$	(232	)	$	113,183		10	(B)		4.67	%		4.83	%		26
Freddie Mac		125,240		92,829		1,149		(259	)		93,719		10	(B)		4.67	%		4.76	%		26
RMBS, measured at fair value through earnings
Fannie Mae		469,667		408,260		10,506		(121	)		418,645		35	(B)		5.04	%		5.14	%		28
Freddie Mac		676,854		572,802		15,578		(76	)		588,304		52	(B)		5.05	%		5.14	%		27
Total/weighted average RMBS	$	1,422,543	$	1,184,212	$	30,327	$	(688	)	$	1,213,851		107			4.98	%		5.08	%		27

As of December 31, 2024

					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Fannie Mae	$	160,092	$	131,441	$	492	$	(2,282	)	$	129,651		11	(B)		4.62	%		4.79	%		27
Freddie Mac		157,618		127,839		-		(5,362	)		122,477		12	(B)		4.34	%		4.44	%		27
RMBS, measured at fair value through earnings
Fannie Mae		335,927		299,453		1,870		(5,375	)		295,948		24	(B)		4.81	%		4.94	%		28
Freddie Mac		648,523		580,529		3,134		(9,319	)		574,344		48	(B)		4.93	%		5.03	%		28
Total/weighted average RMBS	$	1,302,160	$	1,139,262	$	5,496	$	(22,338	)	$	1,122,420		95			4.80	%		4.91	%		28

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AA+ rating for the Agency RMBS.

(C)	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.

Summary of RMBS Investments by Maturity

Summary of RMBS Assets by Maturity

As of December 31, 2025

					Gross Unrealized									Weighted Average
Years to Maturity	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Over 10 Years	$	276,022	$	203,150	$	4,243	$	(491	)	$	206,902		20	(B)		4.67	%		4.79	%		26
RMBS, measured at fair value through earnings
Over 10 Years		1,146,521		981,062		26,084		(197	)		1,006,949		87	(B)		5.05	%		5.14	%		28
Total/weighted average RMBS	$	1,422,543	$	1,184,212	$	30,327	$	(688	)	$	1,213,851		107			4.98	%		5.08	%		27

As of December 31, 2024

					Gross Unrealized									Weighted Average
Years to Maturity	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Over 10 Years	$	317,711	$	259,280	$	492	$	(7,644	)	$	252,128		23	(B)		4.48	%		4.62	%		27
RMBS, measured at fair value through earnings
Over 10 Years		984,449		879,982		5,004		(14,694	)		870,292		72	(B)		4.89	%		5.00	%		28
Total/weighted average RMBS	$	1,302,160	$	1,139,262	$	5,496	$	(22,338	)	$	1,122,420		95			4.80	%		4.91	%		28

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AA+ rating for the Agency RMBS.

(C)	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.

Summary of RMBS Securities in an Unrealized Loss Position

The following tables summarize the Company’s available-for-sale securities measured at fair value through OCI in an unrealized loss position as of the dates indicated (dollars in thousands):

Available-For-Sale RMBS Unrealized Loss Positions

As of December 31, 2025

												Weighted Average
Duration in Loss Position	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Twelve or More Months	$	64,386	$	46,482	$	(491	)	$	45,991		4	(B)		3.55	%		3.75	%		26
Total/weighted average RMBS, available-for-sale, measured at fair value through OCI	$	64,386	$	46,482	$	(491	)	$	45,991		4			3.55	%		3.75	%		26

As of December 31, 2024

												Weighted Average
Duration in Loss Position	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield^(C)			Maturity (Years)
RMBS, available-for-sale, measured at fair value through OCI
Less than Twelve Months	$	174,646	$	142,337	$	(2,993	)	$	139,344		13	(B)		4.76	%		4.86	%		27
Twelve or More Months		79,284		63,297		(4,651	)		58,646		5	(B)		3.44	%		3.59	%		27
Total/weighted average RMBS, available-for-sale, measured at fair value through OCI	$	253,930	$	205,634	$	(7,644	)	$	197,990		18			4.35	%		4.47	%		27

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AA+ rating for the Agency RMBS.

(C)	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.

Summary of RMBS Realized Gain (Loss)

The following table summarizes the Company’s realized gains and losses from the sale of available-for-sale securities which are recorded within the realized loss on RMBS, net line item in the Company’s consolidated statements of income (loss) as of the dates indicated (dollars in thousands):

	Year Ended December 31,
	2025			2024			2023
Proceeds from sales of available-for-sale securities	$	29,844		$	130,759		$	460,104
Amortized cost of available-for-sale securities sold		(32,918	)		(135,378	)		(490,048	)
Realized loss on RMBS, available-for-sale, net	$	(3,074	)	$	(4,619	)	$	(29,944	)

Gross realized gains, RMBS available-for-sale	$	-		$	105		$	-
Gross realized losses, RMBS available-for-sale		(3,074	)		(4,724	)		(29,944	)
Realized loss on RMBS, available-for-sale, net	$	(3,074	)	$	(4,619	)	$	(29,944	)